Marketing “gurus” frequently give the following prescription for success. Create your vision, find a niche market, develop your USP (unique selling point) and then develop your marketing channels. A niche is a segment of the market which allows you to focus and demonstrate your unique abilities. There are, however, other aspects to choosing your market. For example, it may be attractive but is it one that everyone feels they can compete in? Look at the field of coaching and social media. It’s much tougher when the market appears to be attractive. So, here are three aspects to bear in mind when choosing your market.
1. Just because there is a gap in the market does not mean there is a demand.
2. Just because there is a market, does not mean it is a profitable one.
3. Just because there is a profitable market does not mean that everyone can succeed in it.
Allow time for research, testing, piloting and development of your products and services before finally selecting your niche market. This probably means testing a number of markets and being prepared to change direction as required.
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And for the audio –
The Week: Every business needs a coach and I am no different. I believe in coaches which is why I also have my own who specialises in coaching business coaches! Monday morning was my coaching session and I spent the afternoon advising two senior leaders at a client site. We had a great Highflyingdivas Forum at LEPRA Health in Action, where CEO Sarah Nancollis shared her inspirational and empowering career history. I interviewed one of the Leadership Forum members for the membership CD and talked to my website designer on upgrading plans. A couple of telephone coaching sessions on Thursday and end of month invoicing, admin and marketing on Friday.
Reading for the month: As it is the end of the month, I refer you to the recommended books for September to allow you to catch up with any unfinished tomes! Featured on the Communications page of my website.
A wonderful week of my friends, colleagues and clients sharing anecdotes which made me laugh out loud. The first around our supposedly maturing kids. My friend told me that he had to phone his 18-year-old son who is living some 30 miles away, at 8.00 a.m. to get him up for work. Presumably the little darling doesn’t have an alarm clock or telephone with in-built alarm. A colleague regaled us at the Forum telling us that she had a text message from her 17 yr old son the previous month asking “what’s for dinner?”. She replied “I’m in Spain” and he asked “Since when?”. She responded “Since 4 days ago”. He only noticed she wasn’t in the house when the food ran out! Son Guy was telling me how he was eating healthily at the School salad bar. I asked him “What is your favourite food there?”. He answered “The pork pies are really good”. Finally, a work-related story. A colleague was being persuaded to agree to a 2 year contract. The offer was twice his current salary and a pension based on this when he left. He asked where the job was located and was told Basra, Iraq. He pointed out the likelihood that he may not get to draw his pension, whereupon the HR Manager put forward the following persuasive argument. “But there is a wonderful community in the compound. I mean, only last week everyone got together to clear up after the missile landed”. I hope you get to have a good chuckle over the next week too!
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Rosemary Cooper-Clark can help you grow your business and achieve the results you deserve. If you wish to save time, improve your teams and maximise your profits, the answers are only a call away. Call 01376 573283